Some things just aren't fair... Tuesday was one of those days!

Real Estate Broker/Owner with BKG - Brokerage Atlanta GA - 315107

We don't make a habit of talking in a negative light about mortgage lenders.  At GaRealtyGroup | 2ShortSaleGuys we look at it like this; you bought a home, you signed a promissory note to pay for the property.  Sometimes there are legitimate hardships that cause you to be unable to pay that debt that you agreed too.  That's where we come in to help.  

We have a home that we listed in August of 2012.  We quickly got offers on this home.  We market and price properties in a manner that we get the most amount of money possible for the property.  Naturally, we get more commission for the more we sell the property.  We do a lot of work for a short sale so naturally we want to sell it for top dollar.  

This particular property was owned by three guys that had both the home to live in.  They each had great employment and were able to easily pay for the property.  Like many times we see, two of them lost their jobs and the other got married and moved away.  After some time struggling, they contacted us through a mortgage lender that they knew and mutually knew us.  

The comparables of the property were there, however, this home had significant damage.  Structure damage, mold, in need of paint and appliance upgrading.  After 3 inspections, each inspector stated there was approximately $40,000 to $50,000 in repairs needed to the home.  

CitiMortgage forecloses in the middle of a Short Sale transaction

CitiMortgage is their lender, we submitted the file as we do with all our files.  Unfortunately, it took several months to even get the short sale opened.  At every corner, CitiMortgage took their sweet time.  We had a couple negotiators that obviously didn't know what they were doing and heaven forbid you attempt to help them.  THEY KNOW ALL.  

Well, this Tuesday, since they know all, the home was foreclosed on.  They didn't stop the foreclosure because they thought the home was worth $40,000 more than everyone else in the transaction involved and would not stop the foreclosure for us to discuss the value dispute and explain our reasoning.  I understand if an agent bring a ridiculous offer to the table.  But CitiMortgage would not even listen.  The negotiator knows all!!!

What's the most disturbing thing is everyone involved in the transaction has worked tirelessly to get this done, all the way from the homeowners to all agents and assistants involved.  We have worked this file day and night for 10 months and CitiMortgage felt the need to foreclose rather than finish the short sale out.  I wish that I could have 30 minutes with those executives to explain that you give the homeowners false hope when you start this process and then foreclose in the middle of it.  Not to mention from the Realtor aspect, we have spent hundreds of dollars marketing this property to sale and in this particular case, we have lost over $10,000 in commissions.  

Wake up CitiMortgage, this is peoples lives you are dealing with.  It's all they have in some cases and you are taking away any and all hope they have in the middle of the night.

Thanks for all the hard work, but we don't care what you did to assist the homeowners, that's what it tells the Realtors.

I think they need to put better regulations in place to prevent this from happening, there should be an initial hardship phase that checks for a true hardship, then once the file is in the short sale process, until it's completed no foreclosure should occur.  This will help these negotiators that know it all to get off their tails and hold them accountable, just like the agents that are out here working hard to assist homeowners.

We work hard to help each and everyone of our clients, if you are in need of assistance please don't hesitate to call us or check out our website at

Posted by


Nakia Brooks, REALTOR ®

GA Realty Group | 2ShortSaleGuys
Keller Williams Realty – Lanier Partners


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